General Motors has confirmed widespread reports on Tuesday that it would invest another $1 billion in its U.S. manufacturing operations, but significantly increased the number of American jobs it plans to add.
The factory project will result in the creation or retention of 1,500 jobs, while another 450 jobs will be returned to the U.S. as GM transfers back production of axles from a plant in Mexico. In addition, the automaker will add 5,000 more jobs in finance and advanced technology “over the next few years,” it said in a Tuesday morning announcement.
“As the U.S. manufacturing base increases its competitiveness, we are able to further increase our investment, resulting in more jobs for America and better results for our owners,” said GM Chairman and CEO Mary Barra. “The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value.”